Bitcoin and Altcoins Setting Up For Next Move
Bitcoin price is consolidating below the USD 35,000 resistance level. Ethereum is holding the USD 1,020 support zone, XRP might clear USD 0.300. ZRX, RUNE, and AAVE are up over 13%
Bitcoin price is holding ground above the USD 33,500 and USD 34,000 support levels. BTC is showing positive signs, but it is still struggling to gain momentum above the USD 35,500 resistance level. It is currently (13:00 UTC) consolidating, with important hurdles near USD 35,000 and USD 35,500.
Similarly, most major altcoins are seemingly preparing for the next key move. ETH/USD is trading well above USD 1,020, but it facing hurdles near USD 1,100 and USD 1,120. XRP/USD is still facing a strong selling interest near the USD 0.300 zone.
Total market capitalization
In the past two sessions, bitcoin price managed to stay above a few important supports above USD 33,200. BTC recovered higher and it broke the USD 34,500 level. However, it struggled to continue higher above USD 35,500. It is currently consolidating in a range below the USD 35,000 and USD 35,500 resistance levels.
On the downside, the USD 34,000 level is a short-term support. The main support is forming near the USD 33,200 level, below which the price might dive towards USD 30,000.
Ethereum price seems to be forming a strong support base above the USD 1,000 and USD 1,020 levels. On the upside, an initial resistance is near the USD 1,110 and USD 1,120 levels. The main hurdle is still at USD 1,150. A clear break above 1,150 might start a strong increase.
Conversely, a downside break and close below USD 1,000 might start a sustained downward move and a major correction in the near term.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is stuck near the USD 475 level, with an initial support at USD 465. The key breakdown support is near the USD 450 level. A close below USD 450 might accelerate losses. To start a decent upward move, the price must clear the USD 488 and USD 500 resistance levels.
Litecoin (LTC) is struggling to gain bullish momentum above USD 140 and USD 142. A close above USD 145 is a must to start a steady increase. In this case, the price might rise steadily towards the USD 155 and USD 160 levels. On the other hand, a clear break below USD 130 could push the price towards USD 118.
XRP price might make another attempt to settle above USD 0.300. The price must settle above USD 0.300 and USD 0.312 to move into a positive zone. If not, there is a risk of a fresh decline towards the USD 0.265 support. The main breakdown support is still near the USD 0.255 level.
Other altcoins market today
A few altcoins climbed over 10%, including AAVE, RUNE, HBAR, ZRX, OCEAN, WAVES, IOST, COMP, and ZEC. Conversely, XVG, ZEN, NANO, RSR, DCR, and EWT are down over 5%.
To sum up, bitcoin price is consolidating below USD 35,500 and preparing for the next major move. BTC could either rally above USD 35,500 or it might dive towards USD 30,000.